London-based GIN E-Bikes, a company that claims to offer premium e-bikes at affordable prices, announced that it has secured £510K (approximately €588K) in a fresh round of funding from Ukrainian venture capital syndicate Toloka.vc.
Toloka.vc is dedicated to fostering innovation and growth in startups. With a diverse portfolio, the firm aims to contribute to the development of groundbreaking technologies.
Capital utilisation
GIN E-Bikes will use the funds to boost its production and sales volume. The investment will be utilised to strengthen manufacturing capabilities, addressing the escalating demand for the company’s hybrid bikes.
The capital will also enable GIN E-Bikes’s expansion into the Polish and Ukrainian markets, broadening the reach of its e-bikes.
The company has strategic plans for diversification, including the launch of a specialised cargo bike tailored for delivery services such as Glovo and Uber Food.
Additionally, all GIN E-Bikes will feature carbon and folding frames, enhancing portability and offering users versatile transportation options.
Partnership with Toloka.vc
Alongside the financial support, Toloka.vc will have a presence on GIN E-Bikes’ board of directors, providing valuable insights and strategic guidance.
The partnership between Toloka.vc and GIN E-Bikes underwent thorough due diligence conducted by Baker Tilly, ensuring a solid foundation for collaboration. The partnership also incorporates a debt component, involving quarterly interest payments to investors.
GIN E-Bikes has ambitious plans for the future, including increasing production and sales to 200 units per month by the close of 2024 to meet the rising demand for its innovative e-bikes.
Brief about GIN E-Bikes
Founded in 2021 by Marina Vlasenko and Rahul Pushp, GIN claims to offer premium e-bikes at affordable prices. The company’s flagship is the Gin X. The two-wheeler boasts a 6061 aluminium alloy frame, weighing 19 kg (41 lb).
The flagship comes equipped with integrated lights, an IP66 water resistance rating, and 27.5 all-terrain wheels featuring CST quick-release tires. The bike is designed to accommodate riders with heights ranging from 5.31 to 6.26 ft (1.62 to 1.91 m) and has a maximum payload capacity of 130 kg (286 lb).
The Gin X, a 7-speed hybrid e-bike, features a Shimano Altus derailleur, Zoom hydraulic brakes, adjustable front suspension, and a rust-resistant KMC chain. It’s powered by a 250W brushless Bafang motor, offers five pedal-assist modes, and has a top speed of 32 mph.
The integrated 48V/615Wh battery provides over 75 miles of range per charge, with a six-hour charging time.
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